The COVID-19 pandemic heat has now reached every single country on the planet, stock markets seeing a whopping dip, many argue that, in global uncertainties, the cryptocurrency market failed to stand by its motto of being uncorrelated to traditional market.
While the undivided attention of all during the course of March 12-13 was on the massive price drop of the king’s coin, the fortunes of Bitcoin’s fork coin, Bitcoin Cash (BCH), were also on.
Bitcoin Cash saw a 44 percent drop in one day, dropping from $142 to $254 between March 12-13. The coin was trading at $171.47 at press time, with $5.32 billion in 24-hour trading volume.
In a recent tweet, Casa’s Bitcoin engineer and CTO, Jameson Lopp, had highlighted the extreme drop in transactions on Bitcoin Cash’s network since 8 March. While the number of daily Bitcoin Cash transactions prior to this date was in the 40-50k range, it has not seen more than 20k transactions since.
Well, it’s quite natural to assume that the fall in prices may be a result of market drop and panic over coronavirus, but that’s not the case. Though BCH confronted the aforementioned fate, Bitcoin and Ether remained steady within their usual realms of volatility.
That said, for Bitcoin Cash, the year 2020 has not been all roses. The community is divided over plans to impose a tax on miners and in January the network had also stopped producing blocks for five and a half hours.
Interestingly, during a recent podcast, Roger Ver, CEO of Bitcoin.com and a major proponent of BCH, spoke about the recent developments in the BCH ecosystem, its 2020 BCH goals, and the upcoming updates around Bitcoin Cash’s privacy features and more.
Ver said that although he liked all cryptocurrencies, he’s currently rooting for Bitcoin Cash as it’s one of the biggest network effects with the best user experience, while bringing greater economic freedom to the world today.
Expanding on the matter further, he said,
“And more economic freedom leads to more economic growth and more economic growth leads to a higher standard of living for everybody, rich and poor alike. And what could be more exciting to work on than something like that. So, so that’s the only reason why I’m, beating the drum for Bitcoin cash today.”
Speaking further about resistance to censorship, Ver noted that de-centralization is indeed the tool to achieve complete resistance to censorship. While on that, Ver also talked about the privacy features that will be introduced in the near future in Bitcoin Cash, focusing primarily on the cash fusion associated with Bitcoin Cash, which is scheduled for later next year.
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